BlackSoil Invests Over Rs 350 Crores in 11 New Deals in Q2 FY24
BlackSoil, the alternative credit platform, has announced that it invested roughly $44 million (equivalent to over Rs. 350 crores) in 11 new transactions during the second quarter of fiscal year 2024. Notably, the company recently obtained approximately $40 million (around Rs. 320 crores) in debt from various investors, including High Net Worth Individuals (HNIs), ultra-HNIs, family offices, and corporate entities. These funds were secured through a variety of financial instruments, such as Non-Convertible Debentures (NCDs), NCD co-investments, and term loans from banks. In Q2 FY24, BlackSoil also expanded its list of lenders by welcoming four new additions.
During the second quarter of the fiscal year 2024, BlackSoil saw a 33% year-on-year growth in its portfolio investments, which amounted to around $44 million. The company also noted that approximately 65% of its current portfolio companies have achieved positive EBITDA status. Furthermore, in the first half of the fiscal year 2024, three of BlackSoil's existing portfolio companies, specifically ideaForge, Yatra, and Cellecor Gadgets, made their debut on public exchanges. BlackSoil's portfolio is diversified across various sectors, with financial institutions representing 27% of its total investments in Q2 FY24, followed by SaaS/Deeptech/IoT at 18%, Healthcare at 14%, and Consumer Internet at 13%.
Some noteworthy additions to BlackSoil's portfolio during this period included Cellecor, Freight Tiger, Stashfin, Credright, Svasti MFI, and Kenko. Ankur Bansal, Co-founder & Director of BlackSoil, expressed satisfaction with their performance in Q2 FY24, stating, "Investing approximately $44 million across 11 deals underscores our dedication to identifying unique businesses with substantial potential, supporting their growth, and driving innovation in their respective sectors". He also expressed confidence in their fundraising efforts, saying, "Securing approximately $40 million in debt demonstrates strong support from our investors and partners. Our diverse approach to sourcing capital from reputable financial institutions has bolstered our borrowing capabilities, enabling us to provide creative and tailored credit solutions to expanding businesses".
During the second quarter of the fiscal year 2024, BlackSoil saw a 33% year-on-year growth in its portfolio investments, which amounted to around $44 million. The company also noted that approximately 65% of its current portfolio companies have achieved positive EBITDA status. Furthermore, in the first half of the fiscal year 2024, three of BlackSoil's existing portfolio companies, specifically ideaForge, Yatra, and Cellecor Gadgets, made their debut on public exchanges. BlackSoil's portfolio is diversified across various sectors, with financial institutions representing 27% of its total investments in Q2 FY24, followed by SaaS/Deeptech/IoT at 18%, Healthcare at 14%, and Consumer Internet at 13%.
Some noteworthy additions to BlackSoil's portfolio during this period included Cellecor, Freight Tiger, Stashfin, Credright, Svasti MFI, and Kenko. Ankur Bansal, Co-founder & Director of BlackSoil, expressed satisfaction with their performance in Q2 FY24, stating, "Investing approximately $44 million across 11 deals underscores our dedication to identifying unique businesses with substantial potential, supporting their growth, and driving innovation in their respective sectors". He also expressed confidence in their fundraising efforts, saying, "Securing approximately $40 million in debt demonstrates strong support from our investors and partners. Our diverse approach to sourcing capital from reputable financial institutions has bolstered our borrowing capabilities, enabling us to provide creative and tailored credit solutions to expanding businesses".
